SITE Centers Corp. Plans Quarterly Dividend of $0.13 (NYSE:SITC)

SITE Centers Corp. (NYSE:SITC) declared a quarterly dividend on Thursday, September 14th, Wall Street Journal reports. Investors of record on Tuesday, September 26th will be given a dividend of 0.13 per share on Thursday, October 12th. This represents a $0.52 annualized dividend and a dividend yield of 3.77%. The ex-dividend date of this dividend is Monday, September 25th.

SITE Centers has decreased its dividend payment by an average of 13.4% per year over the last three years and has raised its dividend every year for the last 2 years. SITE Centers has a dividend payout ratio of 400.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect SITE Centers to earn $1.19 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 43.7%.

SITE Centers Trading Up 2.5 %

SITC stock opened at $13.78 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.43 and a current ratio of 0.43. The company’s 50-day simple moving average is $13.67 and its 200 day simple moving average is $12.79. SITE Centers has a 52 week low of $10.42 and a 52 week high of $14.63. The company has a market capitalization of $2.88 billion, a PE ratio of 28.12 and a beta of 1.57.

SITE Centers (NYSE:SITC) last released its quarterly earnings results on Tuesday, July 25th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.27). SITE Centers had a net margin of 21.07% and a return on equity of 6.07%. The business had revenue of $136.00 million during the quarter, compared to analyst estimates of $136.16 million. During the same quarter last year, the company posted $0.31 earnings per share. The company’s revenue was down .1% on a year-over-year basis. As a group, sell-side analysts anticipate that SITE Centers will post 1.15 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Evergreen Capital Management LLC acquired a new stake in SITE Centers during the 1st quarter valued at approximately $200,000. State of Wyoming increased its position in SITE Centers by 34.5% during the 4th quarter. State of Wyoming now owns 14,572 shares of the company’s stock valued at $199,000 after purchasing an additional 3,737 shares during the period. Mercer Global Advisors Inc. ADV acquired a new stake in SITE Centers during the 3rd quarter valued at approximately $186,000. Federated Hermes Inc. acquired a new stake in SITE Centers during the 1st quarter valued at approximately $184,000. Finally, Mackenzie Financial Corp acquired a new stake in SITE Centers during the 1st quarter valued at approximately $182,000. Institutional investors own 91.87% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SITC. Mizuho upped their price objective on shares of SITE Centers from $12.00 to $15.00 in a research report on Thursday, July 20th. Wells Fargo & Company began coverage on shares of SITE Centers in a research report on Tuesday, May 23rd. They set an “equal weight” rating and a $12.50 price objective for the company. StockNews.com cut shares of SITE Centers from a “hold” rating to a “sell” rating in a research report on Friday, September 8th. Finally, Compass Point upped their price objective on shares of SITE Centers from $13.00 to $14.50 in a research report on Wednesday, July 26th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, SITE Centers has a consensus rating of “Hold” and an average price target of $14.17.

About SITE Centers

SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC.